Crossover Markets Sets Sights on U.S. Launch Under Trump’s Crypto Favor
Crossover Markets Group Inc., a London-based digital asset trading platform, is poised to make a big push into the U.S. market. The institutional-grade trading infrastructure provider is seizing the opportunity as former President Donald Trump signals strong support for the crypto industry in his second term.
Regulatory Tailwinds With Trump
Founded in 2022 by ex-Jefferies executives Brandon Mulvihill and Anthony Mazzarese, and ex-Euronext FX CTO Vladislav Rysin, Crossover had previously avoided U.S. clients due to regulatory uncertainty. But with the Trump administration’s drive for digital asset innovation, the appointment of crypto-friendly regulators, and a commitment to pro-crypto legislation, Crossover thinks a good window of opportunity is opening.
“We’ve been laying the operational groundwork needed to onboard U.S. participants so they can trade on the platform,” said CEO Mulvihill.
CROSSx Platform Launch Imminent
Crossover’s CROSSx platform is expected to go live for U.S. traders by the end of Q2 or early Q3. The platform operates as an electronic communication network (ECN), offering anonymous, low-latency execution and deep liquidity — critical features for institutional traders navigating counterparty risk.
CROSSx also separates execution and custody and offers customizable liquidity pools, which is consistent with the widely accepted models of the foreign exchange markets.
Rapid Growth and Funding Momentum
The firm witnessed $13.5 billion of notional volume in 2024 and raised $12 million in a Series A funding round co-led by Illuminate Financial and DRW Venture Capital. Mulvihill indicated trading volumes have grown 30% to 50% quarter-over-quarter during the past year. An additional fundraising round may follow to deal with growing demand.
Global Firms Reassess U.S. Market
Crossover’s move underscores a broader trend: international companies are revisiting U.S. plans under a more favorable regulatory backdrop. Trump’s renewed agenda to support crypto innovation is already triggering fresh capital inflows and expansion plans in the sector.
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